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Burton Gordon Malkiel (born August 28, 1932) is an American economist, financial executive, and writer most noted for his classic finance book A Random Walk Down Wall Street (first published 1973, in its 13th edition as of 2023).
A Random Walk Down Wall Street, written by Burton Gordon Malkiel, a Princeton University economist, is a book on the subject of stock markets which popularized the random walk hypothesis. Malkiel argues that asset prices typically exhibit signs of a random walk, and thus one cannot consistently outperform market averages.
So Malkiel and pretty much every other investing expert recommends a strategy called dollar-cost averaging, meaning consistently investing money each month regardless of what the market is doing.
The term was popularized by the 1973 book A Random Walk Down Wall Street by Burton Malkiel, a professor of economics at Princeton University, [2] and was used earlier in Eugene Fama's 1965 article "Random Walks In Stock Market Prices", [3] which was a less technical version of his Ph.D. thesis.
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[3] [4] Their work borrowed heavily from the theoretical and mathematical ideas found in John Burr Williams 1938 book "The Theory of Investment Value," which put forth the dividend discount model 18 years before Gordon and Shapiro. When dividends are assumed to grow at a constant rate, the variables are: is the current stock price.
Burton Malkiel (born 1932), American economist and writer on finance; Thomas Malthus (1766–1834), English political economist and demographer; Gerard de Malynes (fl. 1585–1627), English foreign trader and government advisor; N. Gregory Mankiw (born 1958), American macroeconomist; Henry Manne (1928–2015), American economist and academic
[23] Burton Malkiel, a well-known proponent of the general validity of EMH, stated that this correlation may be consistent with an efficient market due to differences in interest rates. [ 24 ] Investors, including the likes of Warren Buffett , [ 25 ] George Soros , [ 26 ] [ 27 ] and researchers have disputed the efficient-market hypothesis both ...